Profile picture for kooter86

know of a mortgage company that will work with a score of 580?

  • October 09 2010 - Lutz
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Answers (7)

Given the stability of the market and the current interest rates it makes far more sense to invest the time and energy and money (if needed) to get your scores up to the 640 level.  My company just raised minimums to 640 and I think today's 620 is becoming yesterday's 580.  The last time I looked at a lender who would do a 580 score the cost was about 3 points...it simply makes no sense.  Consult with a non profit credit counseling agency or contact a reputable mortgage professional to review how to improve your scores.  Best of luck.
  • October 20 2010
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i'm fairly certain the best rates are for scores near 800. i'd like to hear how you'll get a 580 to go that high in a short time.
  • October 20 2010
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Your options are limited with a 580 score, but there are still lenders who can help. While I have access to wholesalers who will accept a 580 credit score, I would first review your credit to see if there is anything that can be done to improve your scores - thereby allowing for more options and better pricing.
Because we will not have access to the "best" rates if your scores are under 620.
  • October 20 2010
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There are a few mortgage companies that I have found helpful with my clients with scores under 600. 

A good starting point for you may be to speak with a company that can help you to repair your credit.  This may put you in a better position to secure a lower interest rate.  My clients have found Lexington Law to be wonderful.  There is a cost for this service and this company knows what they are doing................
  • October 09 2010
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i'm not sure why it is so low have 3-4 item's on my credit which most i have paid. And no not student loans. I only have one credit card and it is good standing and has been since i have had it . I live in florida.

  • October 09 2010
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I can do mortgages with scores as low as 580 depending on why is it so low? If it low because you have a lot of student loans (that have always been paid on time) then it is no problem. If your score is low due to bad payment history-no.
I can advise you on what steps you need to take.

  • October 09 2010
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Profile picture for The Mortgage Mark
what state are you located in?  I know of one that does 580 in PA, and NJ.  What is on your credit though that is causing your score to be so low?  
  • October 09 2010
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